It looked like we were entering a buyer’s market this past Spring, but the market has shifted a bit. We are seeing demand, home price growth is steadily increasing, and in many price ranges the number of homes for sale are down.

Home prices are increasing. According to the Tucson Multiple Listing Service data, the average price of homes sold this May rose 3.6% from a year earlier—the biggest gain in seven months.

The buyer demand has increased, too, with more buyers looking to make a real estate purchase in the Tucson area.

The number of Tucson homes for sale remains very tight, particularly at the lower end of the market.

So what changed?

It’s simple: Mortgage rates have dropped steadily since April, and are currently at the lowest levels in a year and a half. In fact, the 30-year fixed mortgage rate is just 0.5% higher from the all-time low they reached in 2012.

Tucson remains one of the most affordable cities in the nation, drawing new residents with its low cost of living, the weather making an easy place to retire, and the University of Arizona.

All of this is good news if you’re looking to sell.

Right now, is a great time to sell since demand is up and supply is low. You could sell quickly and for top dollar.

According to Don Vallee with Long Realty, “This current situation won’t last long. That’s why now is such a golden moment, making it a great time to buy or sell.”

In case you’re curious where you stand, you can find out what your home is worth in the current market, based on recent Tucson sales:

]]>https://www.valleegoldteam.com/blog/783/feed/0Tucson July 2019 Real Estate StatTucson July 2019 Sold StatsTucson July Housing Report By Areahttps://www.valleegoldteam.com/blog/tucson-july-housing-report-by-area/
https://www.valleegoldteam.com/blog/tucson-july-housing-report-by-area/#respondSun, 21 Jul 2019 16:39:48 +0000https://www.valleegoldteam.com/?p=766Tucson July Housing Report By Area

Oro Valley

In the Oro Valley area, June 2019 active inventory was 205, a 24% decrease from June 2018. There were 95 closings in June 2019, a 1% increase from June 2018. Year-to-date 2019 there were 510 closings, a 7% increase from year-to-date 2018. Months of Inventory was 2.2, down from 2.9 in June 2018. Median price of sold homes was $320,000 for the month of June 2019, down 2% from June 2018. The Oro Valley area had 75 new properties under contract in June 2019, down 10% from June 2018.

Continental Ranch

In the Continental Ranch area, June 2019 active inventory was 32, a 23% increase from June 2018. There were 25 closings in June 2019, a 14% increase from June 2018. Year-to-date 2019 there were 135 closings, a 12% decrease from year-to-date 2018. Months of Inventory was 1.3, up from 1.2 in June 2018. Median price of sold homes was $248,000 for the month of June 2019, up 5% from June 2018. The Continental Ranch area had 20 new properties under contract in June 2019, down 43% from June 2018.

Rancho Vistoso

In the Rancho Vistoso area, June 2019 active inventory was 114, an 8% decrease from June 2018. There were 34 closings in June 2019, an 11% decrease from June 2018. Year-to-date 2019 there were 208 closings, a 30% increase from year-to-date 2018. Months of Inventory was 3.4, up from 3.3 in June 2018. Median price of sold homes was $320,000 for the month of June 2019, up 5% from June 2018. The Rancho Vistoso area had 37 new properties under contract in June 2019, up 19% from June 2018.

North Tucson

In the Tucson North area, June 2019 active inventory was 393, a 1% increase from June 2018. There were 167 closings in June 2019, a 4% decrease from June 2018. Year-to-date 2019 there were 866 closings, a 3% decrease from year-to-date 2018. Months of Inventory was 2.4, up from 2.2 in June 2018. Median price of sold homes was $382,500 for the month of June 2019, up 11% from June 2018. The Tucson North area had 160 new properties under contract in June 2019, up 6% from June 2018.

It’s Independence Day 2019, a time for celebration and taking part in all the activities that make the 4th of July incredibly fun and special, including barbecues, parades, fireworks shows, and red, white and blue desserts, but also reflect on those that have served our country. We are proud to be an American.

Oro Valley, AZ (zip code 85755, 85737)

In the Oro Valley area, April 2019 active inventory was 267, virtually unchanged from April 2018. There were 102 closings in April 2019, a 26% increase from April 2018. Year-to-date 2019 there were 307 closings, a 4% increase from year-to-date 2018. Months of Inventory was 2.6, down from 3.3 in April 2018. Median price of sold homes was $332,500 for the month of April 2019, up 9% from April 2018. The Oro Valley area had 113 new properties under contract in April 2019, up 19% from April 2018.

Rancho Vistoso (Oro Valley, AZ – zip code 85755)

In the Rancho Vistoso area, April 2019 active inventory was 142, a 17% increase from April 2018. There were 43 closings in April 2019, a 39% increase from April 2018. Year-to-date 2019 there were 125 closings, a 42% increase from year-to-date 2018. Months of Inventory was 3.3, down from 3.9 in April 2018. Median price of sold homes was $335,000 for the month of April 2019, up 9% from April 2018. The Rancho Vistoso area had 52 new properties under contract in April 2019, up 53% from April 2018.

North Tucson (zip code 85718, 85750)

In the Tucson North area, April 2019 active inventory was 450, virtually unchanged from April 2018. There were 152 closings in April 2019, a 7% decrease from April 2018. Year-to-date 2019 there were 507 closings, a 6% decrease from year-to-date 2018. Months of Inventory was 3.0, up from 2.8 in April 2018. Median price of sold homes was $337,450 for the month of April 2019, up 3% from April 2018. The Tucson North area had 216 new properties under contract in April 2019, up 6% from April 2018.

Tucson, AZ Main Market

In the Tucson Main Market area, April 2019 active inventory was 3,311, a 5% decrease from April 2018. There were 1,716 closings in April 2019, a 6% increase from April 2018. Year-to-date 2019 there were 5,506 closings, a 1% increase from year-to-date 2018. Months of Inventory was 1.9, down from 2.2 in April 2018. Median price of sold homes was $215,000 for the month of April 2019, up 2% from April 2018. The Tucson Main Market area had 2,146 new properties under contract in April 2019, up 6% from April 2018.

East Tucson, AZ

In the Tucson East area, April 2019 active inventory was 195, a 32% decrease from April 2018. There were 157 closings in April 2019, a 7% decrease from April 2018. Year-to-date 2019 there were 537 closings, a 9% decrease from year-to-date 2018. Months of Inventory was 1.2, down from 1.7 in April 2018. Median price of sold homes was $188,000 for the month of April 2019, up 7% from April 2018. The Tucson East area had 196 new properties under contract in April 2019, up 3% from April 2018.

Northeast Tucson

In the Tucson Northeast and Extended Northeast area, April 2019 active inventory was 185, a 15% decrease from April 2018. There were 57 closings in April 2019, a 30% decrease from April 2018. Year-to-date 2019 there were 231 closings, a 9% decrease from year-to-date 2018. Months of Inventory was 3.2, up from 2.7 in April 2018. Median price of sold homes was $305,000 for the month of April 2019, up 5% from April 2018. The Tucson Northeast and Extended Northeast area had 99 new properties under contract in April 2019, down 5% from April 2018.

What’s Old is New, Again!

There’s nothing more comforting, true and pure than going back to basics. This unique Santa Fe style home in the guard-gated community of Sin Vacas in the Catalina Foothills, is a piece of architectural and cultural living history! This home evokes rustic, yet regal vibes, while allowing for breathtaking views of the endless, ancient desert and mountain ranges, visible from the multiple over-sized windows and outdoor living areas of this one-of-a-kind property.

From the moment you enter the walled Courtyard with its splendid multi-tiered fountain, you’re enveloped in a piece of living history that is Old-World Mexico in its glory.

The spacious Great Room boasts a soaring 16-foot-high wooden viga
beamed ceiling. The massive wood-burning fireplace is situated near the floor-to-ceiling window-wall, offering incredible views of the majestic mountains and ancient desert flora and fauna.

A second, private kiva fireplace is located on the opposite end of this huge space, in an intimate sunken banco sitting area, making it a perfect nook for gentle conversation or personal meditation. A Library Loft overlooks this massive Great Room, and offers a cozy space for reading, re-energizing, and a whimsical place to gather.

For culinary gatherings, a Formal Dining Room is linked to the Great Room, with another kiva fireplace and a sturdy, round dining table lit from above by a grand antler chandelier. A back-to-basics Farm-to-Table Kitchen is represented in this authentic Arizona kitchen, offering plenty of space for the chef, helpers and amateur tasters along with a protected trellised atrium to grow your own herbs and vegetables. The kitchen includes a Sub Zero refrigerator, “Wolf 48” dual fuel range with 6 gas burners, Bosch dishwasher, 182- bottle wine cellar, and doors leading to the inner courtyard with its wafting natural floral fragrances.

The wrap-around covered patio of the property beckons you to its luxurious spa and cascading waters spilling into a heated pool, all over-looking the endless natural desert landscape, generously dotted with mature healthy saguaros, desert acacia, and palo verde trees.

The Master Suite is the epitome of the Southwestern lifestyle, emanating serene, natural energy with a cozy corner beehive fireplace, wooden viga ceilings and glass window wall with unobstructed views of the ancient Catalina Mountains.

A double-sized Guest Bedroom Suite includes a generous living area and convenient opening to the atrium. The large Casita is equipped with its own kitchenette and a wrap-around deck with 360- degree mountain and city views.

Nature At Its Finest – By day or night or anytime in between, this one-of-a-kind home is at one with the great outdoors! Enjoy four verandas with flower and cactus gardens and a large three-car garage for your family and guests. If you enjoy stargazing under Tucson’s unblemished “dark skies,” this is the perfect setting for relaxing in the spa or enjoying your telescope’s personal light show.

Should I Buy A Home Now Or Wait?

The Fed has announced that mortgage interest rates will not increase in 2019. Wouldn’t you say this is a good time to buy a home? The current interest rate is 4.4 percent which is the lowest rate we have seen in 13 months. During the first quarter of 2019, the National Association of Realtors took a Home Survey for Housing Opportunities and Market Experience. They discovered that 65 percent of people responded that now is a good time to buy a home and 69 percent believe that now is a good time to sell a home. Read the full report by clicking “Home Survey“.

The Cost of waiting to buy is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.

According to NAR Chief Economist Lawrence Yun “The Federal Reserve’s decision to refrain from any foreseeable rate hikes was beneficial to potential buyers.” This gives home buyer’s another opportunity to find a home that they may otherwise have not been able to afford.

Don’t wait! Call Don Vallee, CEO of Vallee Gold Team and Realtor, to find out what your money can buy in Tucson, Arizona. Call 520.730.1478

We have been in a sellers market since 2012, this “hot market” has driven home prices upward. Many investors bought up homes at rock bottom prices. The historic low interest rates fueled home buyers to take advantage of the real estate market. The Tucson real estate market has recovered from the housing marten downturn that occurred in 2006. Many homeowners are no longer underwater and now have equity in their home. It is a great time to sell! It is a great time to buy!

TUCSON RECOVERY

Home price appreciation across the nation has increased to an average of 6%. In Tucson, median home price appreciation increased to 7%.

WONDER WHERE THE MARKET IS HEADED?

According to Ralph McLaughlin, Deputy Chief Economist at CoreLogic, recently stated in an interview,

“There’s no reason to panic right now, even if we may be headed for a recession. We’re seeing a cooling of the housing market, but nothing that indicates a crash. The real elephant in the room here is housing supply.”

Ralph McLaughlin went on to explain,

“If there are a lot of homes on the market and suddenly no one wants to buy them, you’ll get into a downward spiral of price competition. Right now, however, we’re in the opposite situation, there isn’t an over-abundance of homes on the market.”

A NORMAL MARKET NOW

Don’t panic with the market shift. We are headed for a ‘normal’ market with inventory building there will be fewer buyers bidding on the same home. Therefore, we will see that home prices will slow with less upward pressure.

Homesellers need to be realistic about pricing their home. Homebuyers will have more choices and still have low interest rates working in their favor.

This Home Will Pass The 8 Second Rule

Honey Stop The Car! From the moment you walk into this amazing home…you want to keep on going to see what’s around the corner. That’s the 8 second rule. You have 8 seconds to make an impression!

Welcome to this impeccable 2,135 square foot, four-bedroom plus den home in a highly desirable location…just minutes away from all the best that Northwest Tucson and Oro Valley have to offer! Attractive stonework, a brick paver driveway and entry, and tidy desert landscaping provide great curb appeal.

An inviting entry opens to a bright. spacious great room and a quiet den with a double French door entry located just off the foyer – perfect for a home office, study, library, craft room, the possibilities are endless!
The bright and open great room provides free-flowing space from living to dining to the gorgeous kitchen – making both everyday living and entertaining comfortable and inviting. The well-appointed gourmet kitchen will especially appeal to the chef in the family! Quartz countertops, a large island, and corner pantry offer ample storage and workspace in this outstanding kitchen. Also featured are KitchenAid stainless steel appliances, including a wall oven and microwave, a 5-burner gas range with a modern stainless steel hood, beverage cooler, and custom tile backsplash.

The large adjacent dining area is perfect for family meals or hosting guests. The dining area easily flows into the comfortable, light-filled living room area featuring a triple-width sliding glass door overlooking the beautiful backyard. Gorgeous hickory wood flooring, custom plantation shutters, and thoughtful finishes unify the three spaces, highlighting the beauty and functionality of the main living areas.

The split bedroom floorplan offers a private and a spacious owner’s suite. The room is bright and airy with plenty of natural light accented by the large bay windows and custom plantation shutters. An ensuite bath features a double vanity and walk-in shower. Three additional guest bedrooms with custom plantation shutters and a full guest bath with large soaking tub complete the home’s floorplan.
Lots of cabinets and countertop space make for a pleasant workspace and extra storage in the laundry room.

You’ll appreciate the wonderful setting for outdoor living the professionally-finished backyard offers! Low-care landscaping and a generously-sized artificial turf installation for year-round green grass will make yard maintenance a breeze, leaving you more time to spend relaxing in this gorgeous yard! A large covered patio with custom brick paver patio extension is perfect for enjoying your morning coffee or enjoying an evening with friends and family. Maturing vegetation along the back wall and community open space bordering the south wall of the home create added privacy.
This exceptional home is located in a distinct, quiet enclave of all single-story homes in a prime Northwest Tucson/Oro Valley location offering convenient access to shopping, dining, movie theaters, parks, golfing, Northwest Medical Center, and more!

The Foothills Mall and renovated AMC movie theater, as well as all the great shopping and dining options the Northwest Tucson and Oro Valley Oracle Road corridor has to offer are all just minutes away! Also nearby are the top-rated Northwest YMCA and Oro Valley Aquatic Centers – wonderful options for recreation, swimming, and community activities! For golf enthusiasts, Omni Tucson National Golf is just a few minutes’ drive, not to mention the many outstanding golf courses Oro Valley has to offer. Catalina State Park is a popular nearby destination offering beautiful, easily accessible hiking trails and great opportunities for spotting desert birds and wildlife.

A beautiful, move-in ready gem…you’ll love everything about this home and location!

Historically, In Tucson a great number of homes sell during the spring buying season. The snow-birds are in town and ready to buy. Why do many homeowners hold off putting their homes on the market until then? Is this a good strategy this year?

Many homes are listed during the spring so this will represent an increased competition to any seller. Do a greater number of homes actually come to the market during this season in comparison to the rest of the year? The Vallee Gold Team in Tucson, Arizona recently reviewed The National Association of Realtors (NAR) statistics regarding this matter. The research revealed the months during which most people listed their homes for sale in 2018. This graphic shows the results:

The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of units available for sale in Tucson 2017 was 25,928.

That number of units that sold were 15,932!

The Tucson Multiple Listing Service statistics for 2017 reported the following:

Average sale price $236,838

Average Days On Market: 44

Average Comulative Days On Market: 58

Many buyers are making a house purchased with a conventional or FHA loan. As you can see there are many cash buyers in our Tucson real estate market. The VA homebuyers accounted for 1,624 single family home sales.

What does this mean to you?

With the national job situation improving and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for homes right now.

Bottom Line

If you are looking to sell your Tucson home this year, waiting until the spring to list your home means you will have the greatest competition amongst buyers. Beat the rush of housing inventory that will enter the market and list your home today!

Are you ready for that next step in homeownership? This is the perfect home to make that happen! Nestled in the desirable community of Continental Ranch in the heart of Marana, this home has been beautifully updated with great attention to detail and quality craftsmanship.

A private side entry welcomes you to this beautifully updated, contemporary home. An inviting entry easily flows into an open-concept floorplan, accented by vaulted ceilings and neutral décor – including elegant porcelain woodgrain tile, upgraded baseboards, upgraded plush carpeting in the bedrooms, and neutral paint.

Spacious living areas offer easy-living with flexible space to gather with family and friends. You’ll enjoy the free-flowing floorplan that brings focus to the heart of the home: a spacious island kitchen. Featuring high-end, white lacquer-finished cabinetry with above-cabinet lighting, a large closet pantry, and stainless steel appliances, the space is open and bright with great storage and workspace. A charming bay window adjacent to the kitchen area creates the perfect dining nook and allows great natural lighting. Overlooking the backyard, this may very well become one of your favorite spots in your new home!

A fabulous owner’s suite is the perfect place to unwind after a long day! The spa-like ensuite bath features stunning marble tilework with Carrera marble accents and a luxurious shower and tub. Complete with a floating glass wall surround, multiple body spray shower jets, a large rain shower head, and tiled bench, the shower is truly exceptional. If your prescription for relaxation calls for just a little more opulence, a soak in the gorgeous garden tub is the perfect remedy!

Two guest bedrooms complete the home’s living spaces, along with a stylish guest bath updated with marble tilework and finishes to complement those found in the owner’s ensuite bath.

With no direct neighbors behind the home, you’ll enjoy added privacy in the large backyard with sunset views and plenty of space to entertain, plant gardens, add play areas, and more…the possibilities are endless! Custom brick entertaining areas and walkways, surrounded by a clean, tidy landscape offer the perfect canvas to create the yard of your dreams!

And you won’t want to miss checking out the extended two-car garage that rivals the competition! Epoxy-finished floors and freshly painted walls are sure to please the car enthusiast or craftsman in your household.

Nestled on a quiet, cul-de-sac lot, you’ll love all that the location of this home has to offer! Just a few houses away is access to “The Loop” – Tucson’s multi-use path that extends over 55 miles throughout the Tucson area, taking walkers, bikers, and runners away from car traffic and along the Santa Cruz River/Wash bed offering a tranquil environment to enjoy mountain views and desert scenery.

With a warm sense of community found in Continental Ranch, you’ll enjoy many recreational amenities such as neighborhood parks, play areas, ball fields, a skate park, and two community pools. In addition to the Continental Ranch community parks, several other nearby parks are just a short drive away, including Crossroads at Silverbell park, offering play areas, ball fields, an

enclosed dog park, and public library! Golf enthusiasts will appreciate the convenience of Quarry Pines Golf Club, that is also just a short drive away.

With easy access to I-10, Twin Peaks Road, and Silverbell Road, you are just moments away from the the Tucson Premium Outlets, with additional shopping, dining, a movie theater, and more located nearby at the Arizona Pavilions. For commuters, easy access to I-10 is ideal!

This impeccable home provides all the elements for relaxing, comfortable and easy-care living. Located in a wonderful community with much to offer, this is truly a place you will look forward to calling home!